Internet of things (IoT) is a combination of embedded software, hardware, IT services and communication services. It helps in connecting various devices including consumer objects and industrial equipment over to a network and thus enables them to gather information and manage all the devices via software in order to increase overall efficiency enabling new and improved services. IoT aids in creating enhanced and smart communication techniques like smart homes, smart shopping, smart transportation and smart healthcare among others. The key components of internet of things include radio frequency identification (RFID), wireless sensor network (WSN), near field communication (NFC), cloud services, data storage & analytics, and visualization elements and gateways. Internet of things helps in efficient and proper monitoring and management of multiple interconnected devices.
The increasing need for efficient regulatory compliance is one of the key aspects fueling the growth of global IoT security market. Owing to the large amount of digital information to be transferred across devices, the governments of various economies are focusing on taking steps to secure the interconnected networks from virus threats and hackers. This is being achieved by enabling strict regulatory norms and frameworks. Hence, increasing compliance with the aforementioned regulations is another major factor accelerating the demand for IoT security solutions over the forecast period. In addition, advancements in technologies such as 4G LTE and 3G as well as data hacking threats have increased over the past few years which has forced governments of various countries to establish strict regulatory framework in order to support the overall deployment of IoT security solutions. Also, emergence of smart city concept is projected to pose bright opportunities for the growth of global IoT security market over the foreseeable years. Governments of developed economies such as U.S., UK, Australia, Germany etc. are also taking serious steps to enhance the overall development of smart cities by employing Wi-Fi hotspots at multiple locations within the city. However, the global IoT security market is anticipated to witness various challenges such as high cost of installation.
The market is segmented by type, application, solution, service, and region. On the basis of type, the global IoT security market can be segmented into application security, endpoint security, network security, cloud security and others. On the basis of application, the global IoT security market can be segmented into smart energy and utilities, smart manufacturing, connected logistics, connected healthcare, consumer wearables, smart government and defense, smart retail, connected vehicles, and others. Based on service, the market segments include professional service and managed service. By solution, the market is segmented into identity access management, data encryption and tokenization, IDS/IPS, security analytics, secure software and firmware update, device authentication and management, secure communications, and others (PKI lifecycle management, distributed denial of service protection). On the basis of region, the global streaming analytics market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
Global IoT Security Market
2014 – 2024
2014 – 2015
2017 – 2024
Type, Application, Solution, Service, Geography
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,
Player Profiling, Value Chain Analysis
Key players involved in the global IoT Security market are focusing on key market strategies including mergers and acquisitions with local as well as established players. Partnership with multinational companies to strengthen their market reach and goodwill is also anticipated to be a major market strategy in the global IoT Security market. Some of the players in global IoT security market include Infineon Technologies, Cisco Systems, Intel Corporation, Axeda Machine Cloud, Wurldtech Security, Alcatel-Lucent S.A., Siemens AG, Checkpoint Technologies, IBM Corporation, AT&T Inc., Huawei Technologies Co. Ltd, and NETCOM On-Line Communication Services, Inc. among others.
Market by Type
· Network security
· Endpoint security
· Application security
· Cloud security
Market by Application
· Smart energy and utilities
· Smart manufacturing
· Connected logistics
· Connected healthcare
· Consumer wearables
· Smart government and defense
· Smart retail
· Connected vehicles
Market by Solution
· Identity access management
· Data encryption and tokenization
· Security analytics
· Secure software and firmware update
· Device authentication and management
· Secure communications
· Others (PKI lifecycle management, distributed denial of service protection).
Market by Service
· Professional service
· Managed service
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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